Michael Saylorβs bitcoin stack is officially underwater, but hereβs why he likely won't reach for the panic button CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data By: James Van Straten 31 January 2026 at 21:08 The main impact of the price decline is slowing Strategy's ability to buy more bitcoin without diluting shareholders, as its stock now trades at a discount to its bitcoin holdings.